The Federal Savings Bank is a mortgage lender that prioritizes VA loans. You can use a Federal Savings Bank VA home loan to buy or refinance your property. The bank can lend you the capital whether you want to buy your first or next home.
The Federal Savings Bank VA Home Loans
Home Financing for Heroes
About The Federal Savings Bank
The Federal Savings Bank was founded in 2012 and has more than 1,700 associated members. It’s currently led by CEO John Calk. A group of veterans founded the bank to serve veterans who want to buy properties or refinance their current mortgages. The Federal Savings Bank has committed to employing multilingual loan officers, to better service potential borrowers in multiple languages, so key details are not lost in translation.
What is The Federal Savings Bank VA Home Loans?
The Federal Savings Bank VA home loans offer financing for veterans. If eligible or if you qualify, these loans do not have any down payment requirements. You may be able to get a loan for a primary residence or for new construction. TFSB has home construction loans available for people who want to build their own homes.
The Federal Savings Bank VA Home Loan Options
The Federal Savings Bank has several VA loan products with competitive interest rates and terms. You will still have to fulfill VA eligibility requirements to qualify, but these are some of the choices you can consider.
Express Loan Approval Program
This program speeds up the loan approval process. The contract and appraisal will still take some time, but everything else will be covered. This program can reduce stress as you search for a home since you will have a quicker path to the finish line.
Personal Loans
Homeowners may be able to borrow additional funds via a personal loan in addition to your home loan. As an exclusive benefit for working with The Federal Savings Bank, you may qualify for a Returning Borrower Discount on a personal loan. You can use the personal loan for home improvements, credit card debt consolidation, or anything else. Borrowers are not obligated to use the personal loan’s proceeds on their property or mortgage balance.
Homes for Heroes® Savings
If you work with a Homes for Heroes®-approved real estate agent, you can save money on your home purchase. You should contact a Federal Savings Bank mortgage banker for more information about this program and see how much you can save.
The Federal Savings Bank VA Home Loans
Home Financing for Heroes
Who is Eligible for The Federal Savings Bank VA Home Loans?
Generally, veterans are eligible for The Federal Savings Bank VA home loans, but like many mortgage lenders, the Federal Savings Bank will review your finances. Military families can get financing regardless of whether they are first-time buyers or have multiple properties.
The DTI ratio measures your monthly debt payments against your income. A higher credit score and a lower DTI ratio will result in more competitive rates and terms.
What are the Documentation Requirements?
You will need several resources to submit your application. These are some of the documents you will need:
- Government-issued ID
- The past two years of tax returns and W-2 statements
- Recent bank statements
- A Certificate of Eligibility from the Department of Veterans Affairs
- Bank statements
Borrowers will also have to provide these documents if applicable:
- Divorce decree
- Bankruptcy discharge letter
- VA disability awards letter
- Social Security awards letter
What are the Advantages of The Federal Savings Bank VA Home Loans?
The Federal Savings Bank VA Home Loans have several advantages. You may not have to make any down payment and can still end up with competitive rates and terms. VA home loans do not have private mortgage insurance even if you do not put any equity into the home. Most types of mortgage loans require monthly PMI payments if you do not have more than 20% equity in the home.
The mortgage lender works with all 50 states and has multilingual loan officers.
How Does The Federal Savings Bank VA Home Loans Compare?
The Federal Savings Bank VA Home Loan has comparable rates, terms, and advantages. The Federal Savings Bank also allows borrowers to save money on their purchases through the Home for Heroes® program, when applicable.
Should You Get a VA Home Loan with The Federal Savings Bank?
The Federal Savings Bank is a good option to consider if you are looking for a VA home loan. While this mortgage lender might be right for you, it is a good idea to submit applications to multiple lenders. That way, you can compare rates and terms from numerous offers instead of feeling like you have one choice.
How to Get Started with The Federal Savings Bank VA Home Loans
You contact The Federal Savings Bank to learn more or apply for a VA home loan by submitting this simple online form. You can specify whether they want to buy a home or refinance their current mortgage. You can put no money down and still get a loan if you’re qualified, but you typically can reduce your monthly mortgage payments by making a higher down payment.
The Federal Savings Bank VA Home Loans
Home Financing for Heroes
